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Mortgage availability is improving

Although the UK property market remains sluggish, conditions have eased slightly for potential borrowers. According to figures from price comparison website Moneyfacts, the number of available mortgage deals has risen to reach its highest level since December 2008. Lenders are now competing for mortgage business; this has led to a welcome decline in mortgage rates, and average rates for fixed and tracker mortgages have reached their lowest level since 1988.

According to the Council of Mortgage Lenders (CML), the UK mortgage market is stabilising and the number of loans available for house purchase and remortgage rose during May. 41,500 loans worth £5.9bn were advanced for house purchases during May, compared with 40,800 in April. Nevertheless, activity remains low compared with the same period a year ago: during May 2010, lenders advanced 43,800 loans worth £6.3bn.

Data from Moneyfacts show increased scope to secure a mortgage requiring a deposit of only 10%: at the beginning of July, 261 products required a deposit of 10%, compared with 176 a year ago. Meanwhile, prospects for first-time buyers appear to have brightened. According to Moneyfacts, “Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers.” Figures from the CML show that first-time buyers borrowed an average of 80% of their property’s value during May, compared with an average of 75% during 2009 and early 2010. Nevertheless, lenders remain vigilant: potential borrowers can expect their credit history to be raked over in detail, and lenders remain disinclined to offer the 100% mortgage deals that proliferated before the credit crisis. According to the CML, only 3% of first-time buyers took out interest-only mortgages during May 2011, compared with approximately 30% before the financial crisis.

62% of borrowers favoured fixed-rate mortgages during May, while only 22% opted for tracker mortgages, suggesting that consumers remain uncertain about the outlook for UK interest rates. The CML expects the mortgage market to remain stable over coming months; UK interest rates have remained at an all-time low of 0.5% since March 2009 and lenders do not appear to expect an increase in the near future. However, many lenders are still not sharing with borrowers the full benefit of the fall in funding costs, and mortgage rates are certain to rise again as soon as lenders believe an interest-rate rise is imminent

Although the UK property market remains sluggish, conditions have eased slightly for potential borrowers. According to figures from price comparison website Moneyfacts, the number of available mortgage deals has risen to reach its highest level since December 2008. Lenders are now competing for mortgage business; this has led to a welcome decline in mortgage rates, and average rates for fixed and tracker mortgages have reached their lowest level since 1988. According to the Council of Mortgage Lenders (CML), the UK mortgage market is stabilising and the number of loans available for house purchase and remortgage rose during May. 41,500 loans worth £5.9bn were advanced for house purchases during May, compared with 40,800 in April. Nevertheless, activity remains low compared with the same period a year ago: during May 2010, lenders advanced 43,800 loans worth £6.3bn.

Data from Moneyfacts show increased scope to secure a mortgage requiring a deposit of only 10%: at the beginning of July, 261 products required a deposit of 10%, compared with 176 a year ago. Meanwhile, prospects for first-time buyers appear to have brightened. According to Moneyfacts, “Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers.” Figures from the CML show that first-time buyers borrowed an average of 80% of their property’s value during May, compared with an average of 75% during 2009 and early 2010. Nevertheless, lenders remain vigilant: potential borrowers can expect their credit history to be raked over in detail, and lenders remain disinclined to offer the 100% mortgage deals that proliferated before the credit crisis. According to the CML, only 3% of first-time buyers took out interest-only mortgages during May 2011, compared with approximately 30% before the financial crisis.

62% of borrowers favoured fixed-rate mortgages during May, while only 22% opted for tracker mortgages, suggesting that consumers remain uncertain about the outlook for UK interest rates. The CML expects the mortgage market to remain stable over coming months; UK interest rates have remained at an all-time low of 0.5% since March 2009 and lenders do not appear to expect an increase in the near future. However, many lenders are still not sharing with borrowers the full benefit of the fall in funding costs, and mortgage rates are certain to rise again as soon as lenders believe an interest-rate rise is imminent.

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